In the coming months, ENERGO-PRO a.s. (EPas) intends to consolidate two hydro power plants in Turkey from its immediate parent, DKHI, which will increase its EBITDA by €70 million-€90 million in 2022 but add the €280 million of debt at those plants. We think that, following the transaction, the credit quality and metrics of EPas and DKHI will be very similar on a pro forma basis, with funds from operations (FFO) to debt at 12%-20% in 2022-2023. We understand EPas is actively working on the early refinancing of its notes maturing in December 2022. We are affirming our 'B+' ratings on EPas. The stable outlook reflects our expectation that EPas' operating performance and credit metrics will remain commensurate with the
